Dakota Gold (US:DC)2022-08-09 16:00Financial Performance - Net loss for the three months ended June 30, 2022, was $5,808,725, compared to a net loss of $12,842,724 for the same period in 2021, representing a 54.8% improvement[16] - Basic and diluted loss per share improved to $(0.08) from $(0.17) year-over-year[16] - For the three months ended June 30, 2022, the net loss attributable to owners of the Company was $5,808,725, a decrease from a net loss of $8,294,677 for the same period in 2021, representing a 30% improvement[16] - The total operating expenses for the three months ended June 30, 2022, were $7,080,178, down from $12,912,389 in the prior year, indicating a reduction of approximately 45%[16] - The total other income for the three months ended June 30, 2022, was $52,729, compared to an expense of $105,315 in the same period of 2021, indicating a significant turnaround[16] - The Company reported a deferred tax benefit of $1,218,724 for the three months ended June 30, 2022, compared to $174,980 in the same period of 2021, marking a substantial increase[16] Assets and Liabilities - Total current assets decreased from $41,872,612 to $36,677,980, a decline of approximately 12.5%[10] - Total stockholders' equity decreased from $113,834,405 to $109,960,197, a decline of about 3.8%[11] - Total liabilities decreased from $6,250,177 to $5,042,258, a reduction of approximately 19.3%[12] - Total assets decreased from $120,084,582 to $115,002,455, a decline of approximately 4.2%[10] - Cash and cash equivalents at the end of the period were $35,042,049, down from $41,401,116, a decrease of approximately 15.4%[19] - The total current liabilities as of June 30, 2022, were $2,547,959, compared to $2,537,154 as of March 31, 2022[12] Exploration and Investment - Exploration expenses increased to $3,771,517 from $2,183,641, reflecting a 72.8% rise year-over-year[16] - The carrying cost of the company's mineral properties was $77,000,841 as of June 30, 2022, slightly up from $76,962,958 as of March 31, 2022[33] - The Company completed the purchase of the Maitland Gold Property for a total consideration of $4.82 million, including $3.5 million in cash and 750,000 shares valued at $1.76 each[29] - The Company made a cash payment of $1.3 million and issued 1 million shares valued at $4,850,000 to acquire surface rights and facilities in the Homestake District[30] - The Company holds a total of 43,971 acres of surface and mineral lease rights across eleven brownfield project areas in the Homestake District[32] - The Company has not established proven or probable mineral reserves under Regulation S-K Subpart 1300 as of June 30, 2022[32] Stock and Compensation - The weighted average number of basic and diluted shares outstanding increased to 70,958,194 from 49,064,261, an increase of about 44.5%[16] - The Company recognized stock-based compensation related to the vesting of RSUs totaling $1,068,173 for the three months ended June 30, 2022, with $903,544 allocated to administrative expenses[53] - The Company recognized stock-based compensation related to the vesting of stock options totaling $854,344 for the three months ended June 30, 2022[46] - The unrecognized compensation cost related to unvested options as of June 30, 2022, was $1,626,055, which will be expensed through December 2023[51] - As of June 30, 2022, there were 7,615,718 warrants outstanding, all with an exercise price of $2.08, expiring on March 15, 2026[52] - The Company issued 800,000 shares of common stock for restricted stock units during the three months ended June 30, 2022[22] Mergers and Acquisitions - Dakota Gold Corp. completed the DTRC Merger on March 31, 2022, acquiring the remaining shares of Dakota Territory Resource Corp. for an equal number of shares[24] - The DTRC Merger was completed on March 31, 2022, resulting in Dakota Gold owning approximately 51% of the combined entity, enhancing its market position[24]